Scammers falsely guaranteed 70% profits on an investment of 1 billion South Korean won within a month and stole 5.5 billion won in six different transactions.
Fraud News
Cryptocurrencies promise a lot of security and privacy for the users, but reality is that cryptocurrency use often creates victims of different types of scams, such as digital theft, hacking, phishing and the major cryptocurrency scam – fraud. These frauds can exist in different forms – promising, but fraudulent, ICO’s that don’t inform their investors about the risks and might not have a physical address; cryptocurrency investment platforms that vanish after gathering enough money; and fraudulent cryptocurrency exchanges that utilize multiple tactics to cheat their users. Blockchain technologies are relatively new and the hype that surrounds them poached a lot of low-skilled investors into the field. This has become such a problem that, according to the latest news on cryptocurrency fraud, Twitter has even banned ICO-ads in order to protect its users from fraudulent schemes.
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The United Kingdom police reportedly stated that the seizure was the “largest of its kind” in the nation’s history, with a sentencing date set for May.
17646Implementing an anti-dumping policy helps counter scammers who entice investors into projects before capitalizing on their own tokens to flee with profits.
Sam Bankman-Fried asked for a maximum sentence of six and a half years, but he could get over 100 years.
5674According to the FBI, cryptocurrency-related investment fraud accounted for 86% of all investment losses within the United States in 2023.
23450The co-founder of bankrupt Terraform Labs was first set to be extradited to the United States after lengthy court battles.
1977After spending 34 months in prison, Konstantin Ignatov walked free after cooperating with prosecutors and agreeing to hand over $118,000 in ill-gotten gains.
10960Super Tuesday has arrived in the U.S. as it approaches the 2024 presidential election, and the ability to spot AI-generated deepfakes will be crucial for voters trying to stay accurate and up to date.
19795Ethereum was the most targeted chain for hackers in 2024, accounting for 85% of the value lost in February.
1335The app differs from the official version in subtle ways and steals users’ money and sensitive information.
20749The initial post was rapidly amended following ZachXBT’s discovery.
1870Cryptocurrency needs a whistleblower program to diminish the likelihood of FTX-style manipulation or fraud during the bull market ahead.
2827Those in search of love online are increasingly falling prey to romance scams, with $1.3 billion stolen in 2022 alone.
4785The Hong Kong SFC identified eight websites linked to the fraudulent entity posing as the crypto exchange MEXC, all containing the exchange’s name within the domain name.
4988The NYAG reached a settlement with Genesis Holdco in a Feb. 8 filing and named it in an amended complaint on Feb. 9.
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